Depreciation reporting: require depreciation schedules in rupees to ensure correct tax computation and review past assessments. The instruction requires assessees to furnish depreciation schedules and return annexures in Indian rupees for computation of income under the Income-tax Act and Rules, directs Income-tax Officers to insist on rupee-denominated depreciation schedules to avoid currency-driven excess allowances, and mandates a review of past completed assessments to detect such mistakes and report the tax effect to the Board.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Depreciation reporting: require depreciation schedules in rupees to ensure correct tax computation and review past assessments.
The instruction requires assessees to furnish depreciation schedules and return annexures in Indian rupees for computation of income under the Income-tax Act and Rules, directs Income-tax Officers to insist on rupee-denominated depreciation schedules to avoid currency-driven excess allowances, and mandates a review of past completed assessments to detect such mistakes and report the tax effect to the Board.
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